The Saudi industry is setting out its stall to local and international execs arriving at the Red Sea International Film Festival’s market, the Red Sea Souk, which opens today (December 2).
Many of the country’s leading players are exhibiting in the Souk, including exhibitor / producers muvi Cinemas and Vox Cinemas, media hubs Neom and AlUla, producers Telfaz11 and MBC Studios, distributor CineWaves Films through to production services outfit Yellow Camel Studios, vfx specialist Hecat Studios and industry organisations the Saudi Film Commission and the Cultural Development Fund. Key industry execs are also speaking in the Souk’s conference programme Red Sea 360°
The third edition of the Souk comes as Saudi, the biggest MENA theatrical territory, emerges as an increasingly important player in the international industry only five years after the first cinema opened in the country.
This was evident at the festival’s opening ceremony, attended by Johnny Depp, Will Smith and Sharon Stone, where Red Sea CEO Mohammed Al Turki said the Red Sea Fund had so far backed Arab and African 250 projects. Seven Red Sea Fund-backed films played at Cannes this year. Eight eight Saudi films are playing in the Red Sea’s Arab Spectacular section and another two in Competition.
Saudi is investing heavily to grow its film industry with a 40% cash rebate to attract film productions and a $234m (SAR 879m) Film Sector Financing Programme.
The festival and market is a “pivotal platform” for the growth of region, according to Wayne Borg, managing director of media industries, entertainment and culture at Neom. “The festival brings together the international and regional industry to network during the Red Sea Souk, where we can showcase our unbeatable financial and support offerings alongside our incredibly diverse locations to filmmakers and producers.”
Adon Quinn, CEO of muvi Cinemas, said the company’s production arm, muvi Studios, will be at the Souk “looking to close more deals with talent across the kingdom to increase our slate of films in 2024 and 2025.” He noted that muvi’s first co-production, the box office hit Sattar which was made with Telfaz11, launched at last year’s festival and is being followed this year by Mandoob.
“From the exhibition side it is encouraging to see the increasing number of Saudi films featuring at the festival and bodes well for the box office in 2024 with local content to play an even more important role with the expected shuffling of Hollywood content due to the strikes which will have an impact,” said Quinn.
Telfaz11 CEO Alaa Fadan said: “The fast change in the industry is a fact. Every day we see new opportunities in the infrastructure on macro and micro levels. The initiatives and processes are gaining momentum and maturity. The support is tremendous. The challenges remain for sure in different areas, primarily a matter of high demand against a limited supply and talent pool across the whole chain.”
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